TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Ivan Holler, Assistant City Manager
PREPARED BY: Javier Carcamo, Finance Director
SUBJECT: Amended and Restated Community Facilities District Goals and
Policies
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RECOMMENDATION
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Adopt Resolution No. 23-4708 entitled: A Resolution of the City Council of the City of Murrieta, California, Adopting an Amended and Restated Community Facilities District Goals and Policies.
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PRIOR ACTION/VOTE
On January 21, 2003, the City Council adopted the Land Secured Financing Policy for Special Assessment and Mello-Roos Community Facilities District Financing (Vote: 5-0)1.
On April 5, 2016, the City Council adopted a Resolution amending the Land Secured Financing Policy (Vote: 5-0)2.
CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.
BACKGROUND
The purpose of the Community Facilities District (CFD) Goals and Policies is to establish a set of guidelines for the formation of CFDs, including the sale of CFD bonds to finance the acquisition or construction of public infrastructure, the provision of authorized public services, and the subsequent administration of CFDs. The primary objective of a CFD is to ensure that infrastructure or other operational costs associated with the proposed development are funded in a timely fashion to serve the expected growth. It is the City of Murrieta's (City) goal to support development projects that address a public need and provide a public benefit to the City and its residents. Proposed development projects requesting CFD debt financing will be evaluated to determine if such financing is financially viable and in the City's and its residents' best interest.
On January 21, 2003, the City Council adopted the local goals and policies (Land Secured Financing Policy) in accordance with the provisions of the Mello-Ro...
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